CNPC: PetroChina Achieved Turnaround in Third Quarter

October 29 2020, PetroChina Company Limited announced that the COVID-19 pandemic led to a sharp shrinkage of demand for oil, gas and chemical products, and over-supply in the international market, leading to decline in both crude oil and natural gas prices internationally. Amid the unprecedented risks and challenges, the Company stays firm to its quality-based development, with company-wide coordinated efforts in COVID-19 prevention and control, and production and operation, as well as green development.

For the third quarter of 2020, net profit attributable to owners of the Company was RMB 40,050 million, representing a substantial increase of 353.6% compared with the same period of last year.

PetroChina Company Limited was established as a joint stock company with limited liability under the Company Law of the People’s Republic of China (the “PRC” or “China”) (the “Company Law”) on November 5, 1999 as part of the restructuring of China National Petroleum Corporation (“CNPC”).